UniStrong to Invest RMB 184 Mln in Beidou Satellite Project
Shenzhen Stock Exchange, 11/03/12
Bejing-based satellite navigation equipment manufacturer UniStrong Science & Technology (002383.SZ) announced today that it plans to invest RMB 184 mln in the Beijing Beidou satellite navigation and location based service (LBS) industry public platform project. The project is being contracted by the Zhongguancun Spatial Information Technology Industry Alliance. Total investment in the project is estimated to be around RMB 300 mln.
Six companies from the alliance, UniStrong Science & Technology, Hwa Create (300045.SZ), Beijing BeyonDB Information Technology, Terra-IT, NavInfo (002405.SZ), and SuperMap Software (300036.SZ) will invest RMB 210 mln, a portion of which will be matched by the Beijing municipal government. After the project has been approved, the investing companies plan to set up a joint venture "Beijing Beidou Satellite Navigation and Location Services Ltd. Co." (unofficial translation).
UniStrong will invest RMB 184 mln of the total RMB 300 mln investment, or around 61% of the total funding. UniStrong has stated that it plans to incorporate LBS providers and large-scale application developers from both within and without the alliance into the project.
Keywords: Hwa Create 300045.SZ BeyonDB Terra-IT Beijing Municipal Government navigation wireless NavInfo Supermap Beidou LBS Unistrong 300036.SZ 002405.SZ 002383.SZ industry association
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